Adam Scott Levy, the Chief Financial Officer and Secretary of Mineralys Therapeutics, Inc. (NASDAQ:MLYS), a clinical-stage biotech company with a market capitalization of $454 million, recently executed a series of stock sales according to a filing with the Securities and Exchange Commission. The stock has declined over 12% in the past week and 33% over six months. On January 13, Levy sold a total of 10,757 shares of common stock, generating approximately $97,863. The shares were sold at prices ranging from $9.0927 to $9.63 per share.
Following these transactions, Levy retains ownership of 226,097 shares in the company. The sales were conducted under a Rule 10b5-1 trading plan that Levy adopted on November 14, 2023.
In other recent news, Mineralys Therapeutics has received approval from the U.S. Food and Drug Administration (FDA) for a Phase 2 clinical trial of lorundrostat, a drug aimed at treating moderate-to-severe obstructive sleep apnea and hypertension. The trial is set to commence in the first quarter of 2025 with around 40 subjects across 40 sites. In other developments, Mineralys reported an increase in cash and investments to $263.6 million in its Q3 2024 results, despite a net loss of $56.3 million due to increased R&D expenses. The company's Advance-HTN and Launch-HTN trials for lorundrostat have completed enrollment, with results expected in March and mid-2025, respectively. Analysts from InvestingPro maintain a strong buy consensus on the company's stock. These are recent developments at Mineralys, which is optimistic about upcoming data milestones for lorundrostat expected in the first half of 2025. The company's financial resources are projected to fund operations into 2026.
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